HomeMy WebLinkAboutCRA-R-23-0017 Bid Waiver MemoSEOPW Board of Commissioners Meeting
April 27, 2023
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE 4/5ths RECOMMENDATION
To: Board Chair Christine King
Members of the SEOPW CRA Board
Date: April 27, 2023 File:
Subject: Block 55, 249 NW 6th Street Miami, FL (Folio
No. 01-0105-050-1120)
From: James McQueen References:
Executive Director
Enclosures: Exhibit A
BACKGROUND:
A Resolution of the Board of Commissioners of the Southeast Overtown/Park West Community Redevelopment
Agency ("SEOPW CRA") with attachment(s), approving an amendment to the Block 55 Restrictive Covenant
between the SEOPW CRA and Block 55 Residential Partners, L.P. authorize the acceptance of negotiations for
the development of Block 55, 249 N.W. 6th Street Miami, FL (Folio No. 01-0105-050-1120). Block 55, is one of
the remaining large parcels of undeveloped real estate located in the Overtown community, adjacent to
downtown Miami.
On September 2, 2020, Block 55 Owner, LLC, a Florida limited liability company ("Developer") and the
SEOPW CRA entered into that certain Block 55 Restrictive Covenant recorded on September 11, 2020, in
Official Records Book 32095, Page 3457 of the Public Records of Miami -Dade County, Florida (the
"Covenant"). Owner is the current owner of the Property pursuant to that certain Special Warranty Deed
recorded on September 11, 2020, in Official Records Book 32095, Page 3453 of the Public Records of Miami -
Dade County, Florida.
To date, certain terms have been negotiated between Downtown Retail Associates, LLC, and the SEOPW CRA.
(See Exhibit A) The terms of negotiation include the following:
(a) The second sentence of Section 4.1 of the Covenant is hereby amended, restated and replaced in
its entirety as follows:
"The Developer shall complete the Project, including Sawyer's Walk, as hereinafter defined,
substantially in accordance with the Plan as evidenced by temporary and permanent certificates of
occupancy for all of the Residential Units included in the Plans and temporary certificates of
completion (or their equivalent) (with cold and dark shells for their interiors) for all other components
of the improvements comprising the Project as reflected on the Plans ("Completion") on or before
forty-two (42) months after the Commencement of Construction (the "Completion Date")."
(b) Section 4.5 of the Covenant is hereby amended and restated to read as follows:
"4.5. Failure to Complete the Project. If the Developer has not achieved Completion on or prior to the
Completion Date, as automatically extended one day for each day of Unavoidable Delay, and as same
may be extended in accordance with Section 4.3, the Developer shall pay to the SEOPW CRA, as
liquidated damages, Ten Thousand and No/100 Dollars ($10,000.00) per day for each day from
Completion Date, as same may be extended until Completion."
RECEOMMENDATION:
Block 55 is within the Redevelopment Area which will include affordable housing and retail space. As a result,
the Executive Director recommends approval of a bid waiver.